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HomeMy WebLinkAbout1972-15 Authorizing Municipal Borrowing of Money in an Amount not to exceed $75,000. •S ~ • • f r ORDINANCE NO. 15 Series of 1972 AN ORGI~`~!ANCE AUTHORIZING MUNICIPAL BORROWING OF MOf~`E`~r' IN AN AMOUNT NOT TO EXCEED $75,000.00 TO SUPPL..EMENT THE GENERAL REVENUES FOR THE FISCAL YEAR 1972; AUTHORIZING THE MAYOR AND TOWN MANAGER TO EXECUTE SHORT TERM NOTES TO EVIDENCE SUCH INDEBTEDNESS FOR MUNICIPAL PURPOSES; AND SETTING FORTH MATTERS AND DETAILS IN RELATION THERETO. WHEREAS, 'the Board of Trustees for the Town of Vail has previously adopted a budget For the Town of Vail for 'the fiscal year 1972 and appropriated money to meet expenditures set Forth in said budget; and WHEREAS, the Town Council For the Town of Vail considers that it is now necessary and appropriate 'to borrow additional amounts of money, in accordance with Article X of 'the Home Rule Charter of • , the Town of Vail to provide cash funds with which to discharge munici- pal obligations; • NOW, THEREFORE, BE IT ORDAINED BY THE TOWN COUNCI L FOR THE TOWN OF VAI L, COLORADO: Section 1 . Authorization for Municipal Borrowing. f The Town of Vaii is hereby authorized to borrow an amount of money, not to exceed $75,000.00, From the Bank of Vail, a state banking • ornanization, For a period not to exceed six (6) months From 'the adoption r of 'this ordinance at a rate of interest not to exceed 5% per annum For the purposes of supplementing 'the general revenues of the Town of Vaii and to be applied to the discharging of obligations of the Town properly incurred in accordance with the budget For the Fiscal year 1972. This municipal borrowing is authorized by Article X of the Charter of the Town Vail. Section 2. Execution of Promissory Notes and Other Documents. The Town Council For the Town of Vaii authorizes the Mayor and the Town Manager to execute promissory notes and any other appropriate documents necessary to evidence 'the borrowing authorized in Section 1 of this ordinance, and to bind the Town of Vaii and to otherwise pledge the • general credit of the Town to the repayment of the debt herein authorized. • INTRODUCED, READ AND ORDERED PUBLISHED this 3rd day of October, 1972. Mayor i ATTEST: Town Clerk ti ' ~ INTRODUCED, PASSED ON SECOND READING, ADOPTED AND ORDERED PUBLISHED this seventeenth day of October, 1972. Mayor ATTEST: Town Clerk I t Page 2